The tool is designed in order to make looking up biomedical information easier for researchers, doctors and scientists alike.
nference, creator of a software platform that assists in synthesizing biomedical information, recently received $60M in Series C funding.
The round was led by Matrix Capital Management, and Mayo Clinic Ventures and NTTVC, who are Matrix Partners, participated.
With the new software from nference, research, doctors and players in the industry can search for biomedical information easier and users can use the tool in order to retrieve scientific literature, genomic and moleduclar data, and clinical regulatory filings from the public domain.
Mayo Clinic made a deal with nference to collaborate on a clinical data analytics platform, using de-identified data, aiming for the improvement of patient care. Speeding up drug discovery is another topic that the two companies will be working on. The company’s website states that they will be zeroing in on targets and biomarkers for patient-therapy matching and real-world evidence applications.
What is it for?
The new funds received by the company will be put towards the growth of its product line.
The cofounder and chief executive officer, Murali Aravamudan, stated that “nference – a science-first software company – carries on pushing the limits of augmented intelligence to expedite the work of our expert scientists and technologists in making biomedical knowledge computable via our nferXsoftware platform.”
He continued by discussing how the new funds will allow the company to expand its portfolio, which is catalyzing development of meaningful diagnostics and therapeutics. Aravamudan said that their company is transformative, being led by a word-class team and that they address complex problems in the life sciences. Their solutions aim to improve patient outcomes and peoples lives worldwide.
A quick look at the market
The increase of available data has researchers and doctors struggling to put it all in order. The pharma industry, as well as investors, are primarily focusing on drug discovery, something showcased by the $200M invested in May alone. This investments went into artificial intelligence drug discovery companies. Exscientia raised investments by $60M and insitro made a $143M round.
Big players in pharma have also started teaming up with big names in the tech industry, as the deal between Microsoft and Novartis. Their deal includes a novel AI initiative which focuses on drug discovery and development.
ON THE RECORD
”No approved treatments exist for a large number of identified medical diseases and disorders,” Aravamudan said. ”nference has created disruptive technologies that makse sense of billions of siloed and disconnected biomedical data. The focus is kept on patients by the collaborations of health systems, academic medical centres, and biopharmaceutical companies that advance the development and delivery of therapies and diagnostics.”